• Business Opportunities Homepage
• :
• Advice for buying a business

It is usually following a torrid work at work, be it a bad commute or irritating boss that people think about breaking out on their own.

In terms of flexibility and a greater control of the work-life balance, being self-employed provides so much more than being an employee ever could. And you are getting paid to do something you love doing. Not everyone gets to say that.

Being your own boss means you get to make all the decisions, you are not tied to one particular employer and won’t get tied down. It is down to you what business model to follow. You will invariably be able to pick who you work with, ensuring a harmonious work place as well as seeking out suppliers, clients or customers your way.

‘You can take the work you want, when you want,’ said Greg Moore, a Dubai-based business consultant. ‘And generally you can offer a more competitive service.’

But make no mistake, taking the plunge from working for a firm to being self-employed can be daunting. There is no safety net, and no guaranteed monthly income, but done properly it can offer one of the most satisfactory experiences.

‘It would be unwise to take a self-employed or freelance approach if you didn’t have the contacts or reputation,’ Moore adds. ‘That is more important than ever in the challenging market.

‘However, the Middle East as a market is very open with people willing to hear new ideas and always offering a competitive price. It is a good market in which to be self-employed,’ he said.

Of course on the flip side, that flexibility you crave presents new complications. Sick days, holidays and the odd day-off all cost you personally as you are not working. You also do not have the support team you would have within a company, so you will be responsible for your own medical care and pension.

And then there is the issue of financial risk. You will invariably need to raise capital for your venture. Depending on how swiftly your business matures, cash flow could resemble a trickle rather than a flood, which will have to be factored in.

Then there is time management. Before you realise it the extra time spent with your family is slowly being eroded as you let work overtake every part of your life. Time management and balance will be of utmost importance, as well as self-discipline in order to be a self-starter. No one else is going to tell you to get your work done.

‘It really depends on the individual at the end of the day. If you like to be in control, then it makes sense to own your own business. But if you don’t enjoy that element of freedom or risk then self-employment might not be for you,’ said Moore.

Other benefits

• Won’t be bothered by office politics
• You can take a long lunch break and no one will say a word
• Cut down on commute
• Opportunity to collaborate with who you want with no restrictions